Real estate teams differ from the traditional real estate brokerage in structure, compensation and culture. While traditional agents work alone with both buyers and sellers from beginning to end of the transaction, team agents work together to earn commission and provide an exceptional client experience.
Because team agents are able to operate in more specified roles, they become experts in a more specialized skill set to provide a better service to their clients. When your team has specialized roles, production at scale can become a reality. Each member on a team has more bandwidth for their specific tasks. Team agents typically assume the position of team leader, listing partner or buyer’s agent and, of course, every team needs a transaction coordinator.
How Successful Real Estate Teams Are Structured
The Team Leader
Not to be mistaken for a manager, the team leader is there to lead and inspire their team of agents to be successful in their roles by establishing a culture of productivity and accountability. Often, they take on the role of servant leaders—both for their communities and team members.
The team leader’s responsibilities fall into two categories: business development and people development. As part of business development, they take on the majority of the listing side of the real estate business to bring in inventory and generate new leads and opportunities. People development refers to the efforts they make to support their agents and set them up for success.
The Listing Partner
Team leaders who lead top-producing teams may choose to add a team member who can shoulder the listing side of the business, such as prospecting, listing appointments and negotiating contracts. This frees up the team leader to expand their focus on their specific role: business and people development.
The Buyer’s Agent
As the name suggests, buyer’s agents work exclusively on the buyer’s side of the transaction. They execute all the activities necessary to work with buyers, such as prospecting, showing homes and negotiating offers. The buyer’s agent is expected to master the home-buying process, so it’s important that they are efficient and effective during buyer consultations, property searches, home showings and contract negotiations.
The Transaction Coordinator
The transaction coordinator, the admin or the client care coordinator is responsible for administrative duties like scheduling, paperwork and coordinating with clients and ancillary service providers. They manage the team’s systems and processes, and they are an integral part of the team’s success as the agents on the team rely on the transaction coordinator to serve each client.
For more information about how to develop a successful real estate team, schedule a free consultation with a Workman Success Systems business analyst to discuss strategies for a team-centric business.
Verl Workman is the founder and CEO of Workman Success Systems (385-282-7112), an international speaking, consulting, and coaching company that specializes in performance coaching and building successful power agents and teams. Contact him at Verl@WorkmanSuccessSystems.com. For more information, please visit www.WorkmanSuccess.com.